The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Rent the Runway on Monday made public its paperwork for a stock market flotation in the United States, disclosing a near 39 percent drop in revenue for the fashion rental company last year.
The company reported revenue of $157.5 million for the fiscal year 2020, down from $256.9 million a year earlier. Its net loss widened to $171.1 million in the same period, from $153.9 million a year earlier.
Rent the Runway, which was founded in 2009, lets users rent clothes and shop second-hand merchandise from over 750 designer brands. It had confidentially filed for a listing in July. Goldman Sachs & Co, Morgan Stanley and Barclays are the lead underwriters for the offering.
By Niket Nishant; editor: Shailesh Kuber
ADVERTISEMENT
Learn more:
Covid-19 crushed the market for fashion rentals, but platforms are betting that pent-up demand for social events and sustainability will boost post-pandemic business.
The company, under siege from Arkhouse Management Co. and Brigade Capital Management, doesn’t need the activists when it can be its own, writes Andrea Felsted.
As the German sportswear giant taps surging demand for its Samba and Gazelle sneakers, it’s also taking steps to spread its bets ahead of peak interest.
A profitable, multi-trillion dollar fashion industry populated with brands that generate minimal economic and environmental waste is within our reach, argues Lawrence Lenihan.
RFID technology has made self-checkout far more efficient than traditional scanning kiosks at retailers like Zara and Uniqlo, but the industry at large hesitates to fully embrace the innovation over concerns of theft and customer engagement.